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Fiscal Years 2002 and 2003 
ADFA Annual Report

Message from ADFA President Mac Dodson

Statewide Statistics

Congressional District 1

Congressional District 2

Congressional District 3

Congressional District 4

 


Click Here For Program Activity for FY 2001

 

ANNUAL REPORT OF PROGRAM ACTIVITY

Fiscal Year 2002:  7/1/01 6/30/02

&

Fiscal Year 2003:  7/1/02 6/30/03

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STATEWIDE

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HOMEOWNERSHIP

 Home-To-Own 

Period

No. Loans

Dollar Amount

Average Loan Amt.

FY2002

2,156

$135,400,973.00

$62,801.94

  

Period

No.  Loans

Dollar Amount

Average Loan Amt.

FY2003

1,396

$99,302,491.00

$71,133.59

 

 

 

 

 

Non-Minorities

Minorities

Total

Ethnicity

65.4%

34.65

100.0%

Average Income

$32,778.99

$33,000.51

$32,779.78



Down Payment Assistance Program
 

Period

No. Loans

Dollar Amount

Average Loan Amt.

FY2002

918

$2,386,341.80

$2,599.50

% of H2O Loans

57.3%

 

 

 

Period

No.  Loans

Dollar Amount

Average Loan Amt.

FY2003

722

$1,907,361.00

$2,641.77

% of H2O Loans

51.7%

 

 

 

 

 

 

 

Non-Minorities

Minorities

Total

Ethnicity

57.8%

42.2%

100.0%

Average Income

$32,419.75

$33,226.10

$33,239.16

TOTAL HOMEOWNERSHIP FY 2002:              $137,787,314.80

TOTAL HOMEOWNERHSIP FY 2003:              $  95,209,852.00

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HOUSING PRODUCTION

FY 2002 Activity

 

 

 

No. Units

 

 

Tax-Exempt Bonds

Low Income Hsng Tax Credits

 

 

HOME Funds

 

 

Total

Rental New Construction

 

871

 

$0.00

 

$3,892,750.00

 

$700,000.00

 

$4,592,750.00

Rental Rehab

350

$0.00

$1,356,203.00

$937,621.00

$2,293,824.00

Homeowner New Construction

 

 

6

 

 

$0.00

 

 

$0.00

 

 

$200,000.00

 

 

$200,000.00

Homeowner Rehab

 

172

 

$0.00

 

$0.00

 

$7,030,987.65

 

$7,030,987.65

Tenant Based Rental Assistance

 

 

180

 

 

$0.00

 

 

$0.00

 

 

$517,513.00

 

 

$517,513.00

TOTAL

1,579

$0.00

$5,248,953.00

$9,386,121.65

$14,635,074.65

Average Amount per Unit

 

 

 

$9,268.57

 

 

HOME Investment Loans

Multifamily Refunding

No. Loans

21

26

Total Dollar Amount:

$4,114,683.77

$32,605,198.00

Average Dollar Amt.

$195,937.32

$1,254,046.08


FY 2003 Activity

 

 

No. Units

 

 

Tax-Exempt Bonds

Low Income Hsng Tax Credits

 

 

HOME Funds

 

 

Total

Rental New Construction

 

682

 

$0.00

 

$4,195,771.00

 

$1,500,000.00

 

$5,695,771.00

Rental Rehab

234

$0.00

$875,470.00

$275,000.00

$1,150,470.00

Homeowner New Construction

 

 

0

 

 

$0.00

 

 

$0.00

 

 

$0.00

 

 

$0.00

Homeowner Rehab

 

31

 

$0.00

 

$0.00

 

$1,209,070.00

 

$1,209,070.00

Tenant Based Rental Assistance

 

 

32

 

 

$0.00

 

 

$0.00

 

 

$70,602.00

 

 

$70,602.00

TOTAL

979

$0.00

$5,071,241.00

$3,054,672.00

$8,125,913.00

Average Amount per Unit

 

 

 

$8,582.36

 

 

HOME Investment Loans

Multifamily Refunding

No. Loans

185

0

Total Dollar Amount:

$4,125,876.29

$0.00

Average Dollar Amt.

$22,302.03

$0.00

 

TOTAL HOUSING PRODUCTION FY 2002:                    $51,362,092.42

TOTAL HOUSING PRODUCTION FY 2003:                    $12,251,789.29

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DEVELOPMENT FINANCE

 FY 2002 Activity           

 

Program

No. Projects

 

Project Amount

Average Project Amount

ADFA Bond Guaranty

8

$14,947,500.00

$1,868,437.50

AEDC/Other Bond Guaranty

2

$3,365,000.00

$1,682,500.00

Higher Education Facilities

1

$4,000,000.00

$4,000,000.00

Wastewater Revolving Loan

6

$6,905,000.00

$1,150,833.33

Safe Drinking Water Revolving Loan

1

$885,000.00

$885,000.00

Business Life Program

0

$0.00

$0.00

ADFA-Originated Loans

8

$4,780,415.35

$597,551.92

Bond Guaranty Reserve Fund

0

$0.00

$0.00

Capital Access Program

13

$19,604.64

$1,508.05

Disadvantaged Business Enterprise

0

$0.00

$0.00

Beginning Farmer

0

$0.00

$0.00

Governmental

1

$5,905,000.00

$5,905,000.00

Conduits

3

$64,600,000.00

$21,533,333.33

 FY 2003 Activity        

 

 

Program

 

No. Projects

 

 

Project Amount

 

Average Project Amount

 

No. Jobs Projected

Pct Minority Loans

ADFA Bond Guaranty

8

$16,467,500.00

$2,058,437.50

248 New  304 Retained

 

AEDC/Other Bond Guaranty

 

2

 

$7,302,500.00

 

$3,651,250.00

 

 

Higher Education Facilities

 

1

 

$1,250,000.00

 

$1,250,000.00

 

 

Wastewater Revolving Loan

 

3

 

$4,200,000.00

 

$1,400,000.00

 

0

 

N/A

Safe Drinking Water Revolving  Loan

 

3

 

$13,200,000.00

 

$4,400,000.00

 

0

 

N/A

Business Life Program

1

$600.53

$600.53

3

0.0%

ADFA-Originated Loans

 

6

 

$4,506,100.00

 

$751,016.67

 

 

 

Bond Guaranty Reserve Fund

 

0

 

$0.00

 

$0.00

 

 

Capital Access Program

 

6

 

$26,108.61

 

$4,351.43

 

7

 

0.0%

Disadvantaged Business Enterprise

 

0

 

$0.00

 

$0.00

 

 

 

Beginning Farmer

1

$191,500.00

$191,500.00

0

N/A

Governmental

2

$14,990,000.00

$7,495,000.00

 

 

Conduits

10

$68,800,000.00

$6,880,000.00

 

 

 

TOTAL DEVELOPMENT FINANCE FY 2002:              $105,407,519.50

TOTAL DEVELOPMENT FINANCE FY 2003:              $130,934,309.10

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HOMEOWNERSHIP BOND ISSUANCE

FY 2002

       October, 2001 Single Family Housing Series 2001 I - $45,000,000

 

       March, 2002 Single Family Mortgage Revenue Bonds, 2002 Series A (Non-AMT) & Series B (AMT) - $30,000.000

FY 2003

       August, 2002 Single Family Mortgage Revenue Bonds, 2002 Series C (AMT) - $40,000,000

 

       August, 2002 Single Family Revenue Refunding Notes Limited to $200,000,000 over two years

 

       April, 2003 2003 Series A (Non-AMT) and 2003 Series B (AMT) A=$10,680,000; B = $19,320,000

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HOUSING PRODUCTION BOND ISSUANCE

 FY 2002

       December, 2001 Multifamily Housing (Cabot Housing Association LP) - $6,675,000 (Direct Placement)

 

       December, 2001 Multifamily Housing 2001 Series D (Emerald Properties II) - $3,750,000 (Direct Placement

 

       July, 2001 Multifamily Housing 2001 Series B (The Gables of Maumelle) - $5,325,000

 

       December, 2001 Multifamily Housing 2001 Series F (Chapel Ridge) - $6,675,000 (Direct Placement)

 

       February, 2002 - Multifamily Housing Refunding  Series 2002 A (Caraway Commons) - $4,827,000 Conduit Issue

 

       June, 2002 Multifamily Refunding Bonds, Series C (Chapel Ridge of Benton ) - $7,800,000 Conduit Issue

 

FY 2003

       July, 2003 - Multifamily Housing Revenue Bonds (Briarwood Apartments) - $4,175,000 Conduit Issue

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DEVELOPMENT FINANCE BOND ISSUANCE

FY 2002

       July, 2001 Economic Development Series 2001 A & B (Riverside Furniture Corporation) - $2,935,000

 

       October, 2001 Economic Development Series 2001 (Waste Management of Arkansas, Inc.) - $15,000,000

 

       November, 2001 Economic Development The Packaging Ink Company, LLC - $3,000,000

 

       Tax-Exempt Variable Rate Demand / Fixed Rate Environmental Facilities Revenue Bonds (Teris LLC Project) - $48,000,000

FY 2003

       October, 2002 Economic Development Revenue Bonds, Series 2002B, Taxable, ADED/ADFA Guarantee - $14,605,000

 

       November, 2002 State Agencies Facilities Revenue Refunding Bonds Spring Plaza - $2,005,000

 

       January, 2003 ADFA Guaranty Program Taxable 2003 Series A; Tax-Exempt 2003 Series B Solid Waste Facility - $2,130,000

 

       March, 2003 ADFA Corrections Facilities Revenue Refunding Bonds, 2003 Series A - $12,985,000

 

       June, 2003 ADFA Variable Rate Demand Solid Waste Disposal Revenue Bonds, Series 2003 - $15,000,000

 

       June, 2003 Agricultural Development Project Series 2003 (Winrock International) - $Not to exceed $5,800,000)

 

       June, 2003 Economic Development Series C and D - $7,625,000

 

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 Funds by County

CD = Congressional District

 

 

FY 2002

 

FY 2003

 

County

CD

Total $

Pct Total

Rank

 

Total $

Pct Total

Rank

Yell

2

$5,018,987.00

1.7%

14

 

$4,088,531.00

1.7%

17

Woodruff

1

$1,631,789.00

0.6%

30

 

$94,366.00

0.0%

62

White

2

$5,282,752.00

1.8%

12

 

$5,578,861.19

2.3%

13

Washington

3

$11,194,751.00

3.8%

5

 

$7,087,062.00

3.0%

10

Van Buren

2

$41,397.00

0.0%

66

 

$199,000.00

0.1%

55

Union

4

$1,582,003.00

0.5%

31

 

$48,486,958.00

20.3%

1

Stone

1

$64,000.00

0.0%

64

 

$60,700.00

0.0%

64

St. Francis

1

$4,687,701.00

1.6%

15

 

$1,181,217.00

0.5%

32

Sharp

1

$88,550.00

0.0%

61

 

$292,151.00

0.1%

50

Sevier

4

$0.00

0.0%

69

 

$371,100.00

0.2%

46

Sebastian

3

$14,956,636.15

5.1%

3

 

$9,182,146.00

3.9%

7

Searcy

1

$885,700.00

0.3%

37

 

$50,100.00

0.0%

67

Scott

4

$367,570.00

0.1%

48

 

$494,465.00

0.2%

42

Saline

2

$4,530,085.65

1.5%

16

 

$2,124,826.00

0.9%

27

Randolph

1

$468,318.00

0.2%

45

 

$311,076.00

0.1%

49

Pulaski

2

$102,211,087.00

34.7%

1

 

$27,982,934.00

11.7%

2

Prairie

1

$166,886.00

0.1%

56

 

$0.00

0.0%

70

Pope

3

$8,116,172.00

2.8%

8

 

$5,657,047.00

2.4%

12

Polk

4

$364,500.00

0.1%

50

 

$56,050.00

0.0%

66

Poinsett

1

$900,184.00

0.3%

36

 

$331,772.00

0.1%

48

Pike

4

$0.00

0.0%

69

 

$2,500,000.00

1.0%

23

Phillips

1

$2,512,271.00

0.9%

23

 

$278,945.96

0.1%

51

Perry

2

$0.00

0.0%

69

 

$0.00

0.0%

70

Ouachita

4

$800,000.00

0.3%

40

 

$119,800.00

0.1%

59

Newton

3

$144,100.00

0.0%

59

 

$227,200.00

0.1%

53

Nevada

4

$31,900.00

0.0%

67

 

$191,500.00

0.1%

56

Montgomery

4

$0.00

0.0%

69

 

$47,500.00

0.0%

68

Monroe

1

$675,201.00

0.2%

41

 

$138,077.00

0.1%

57

Mississippi

1

$3,840,436.00

1.3%

17

 

$2,299,956.00

1.0%

24

Miller

4

$1,579,066.00

0.5%

32

 

$726,659.00

0.3%

40

Marion

3

$1,332,072.00

0.5%

33

 

$474,725.00

0.2%

44

Madison

3

$88,157.00

0.0%

62

 

$208,204.50

0.1%

54

Lonoke

1

$5,403,277.00

1.8%

11

 

$3,285,139.00

1.4%

21

Logan

4

$1,113,846.00

0.4%

34

 

$759,535.00

0.3%

39

Little River

4

$1,994,038.00

0.7%

26

 

$0.00

0.0%

70

Lincoln

1

$317,439.00

0.1%

52

 

$3,331,700.00

1.4%

20

Lee

1

$1,054,089.00

0.4%

35

 

$3,417,803.00

1.4%

19

Lawrence

1

$162,212.00

0.1%

57

 

$34,078.00

0.0%

69

Lafayette

4

$5,967.52

0.0%

68

 

$111,400.00

0.0%

60

Johnson

3

$1,873,744.00

0.6%

27

 

$2,258,047.00

0.9%

26

Jefferson

4

$806,743.00

0.3%

39

 

$11,670,738.00

4.9%

5

Jackson

1

$854,701.00

0.3%

38

 

$596,885.00

0.3%

41

Izard

1

$531,672.00

0.2%

43

 

$332,700.00

0.1%

47

Independence

1

$282,600.00

0.1%

53

 

$1,763,050.00

0.7%

28

Howard

4

$0.00

0.0%

69

 

$5,000,000.00

2.1%

14

Hot Spring

4

$484,332.00

0.2%

44

 

$475,657.00

0.2%

43

Hempstead

4

$403,436.00

0.1%

47

 

$277,100.00

0.1%

52

Greene

1

$194,899.00

0.1%

54

 

$67,000.00

0.0%

63

Grant

4

$190,988.00

0.1%

55

 

$404,043.00

0.2%

45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FY 2002

 

FY 2003

 

County

CD

Total $

Pct Total

Rank

 

Total $

Pct Total

Rank

Garland

4

$1,700,173.00

0.6%

29

 

$1,132,300.00

0.5%

34

Fulton

1

$364,400.00

0.1%

51

 

$108,500.00

0.0%

61

Franklin

3

$1,869,777.00

0.6%

28

 

$1,242,156.00

0.5%

31

Faulkner

2

$9,220,274.79

3.1%

7

 

$4,275,059.00

1.8%

16

Drew

4

$2,595,250.00

0.9%

22

 

$7,484,650.00

3.1%

8

Desha

4

$3,626,410.65

1.2%

20

 

$1,158,321.00

0.5%

33

Dallas

4

$414,429.00

0.1%

46

 

$0.00

0.0%

70

Cross

1

$3,827,566.00

1.3%

18

 

$6,358,765.00

2.7%

11

Crittenden

1

$12,815,522.00

4.4%

4

 

$12,832,821.00

5.4%

3

Crawford

3

$7,922,168.00

2.7%

9

 

$7,200,942.00

3.0%

9

Craighead

1

$5,579,296.00

1.9%

10

 

$11,782,078.00

4.9%

4

Conway

2

$2,128,997.98

0.7%

24

 

$873,633.00

0.4%

38

Columbia

4

$160,525.00

0.1%

58

 

$989,250.00

0.4%

36

Cleveland

4

$79,273.00

0.0%

63

 

$56,150.00

0.0%

65

Cleburne

1

$2,114,016.00

0.7%

25

 

$131,873.00

0.1%

58

Clay

1

$0.00

0.0%

69

 

$0.00

0.0%

70

Clark

4

$9,726,744.00

3.3%

6

 

$1,104,550.00

0.5%

35

Chicot

4

$3,575,444.00

1.2%

21

 

$1,637,239.00

0.7%

29

Carroll

3

$645,800.00

0.2%

42

 

$1,553,036.25

0.7%

30

Calhoun

4

$53,115.00

0.0%

65

 

$0.00

0.0%

70

Bradley

4

$0.00

0.0%

69

 

$3,700,000.00

1.6%

18

Boone

3

$3,774,233.00

1.3%

19

 

$4,511,369.00

1.9%

15

Benton

3

$20,351,817.00

6.9%

2

 

$9,756,512.00

4.1%

6

Baxter

1

$5,142,258.00

1.7%

13

 

$2,855,778.00

1.2%

22

Ashley

4

$128,873.00

0.0%

60

 

$907,683.00

0.4%

37

Arkansas

1

$365,661.00

0.1%

49

 

$2,284,354.00

1.0%

25

 

TOTAL FUNDS STATEWIDE FOR FY2002:

$294,556,926.70

        Distribution of these total funds:

                46.8%         Homeownership

                17.4%         Housing Production

                35.8%         Development Finance

 

TOTAL FUNDS STATEWIDE FOR FY2003:

$238,395,950.93

        Distribution of these total funds:

                40.0%        Homeownership

                 5.1%         Housing Production

                54.9%        Development Finance

 

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